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South Bend Redevelopment Commission <br />Regular Meeting —July 12, 2011 <br />6. NEW BUSINESS (CONT.) <br />E. Airport Economic Development Area <br />(5) continued... <br />the offering price for this property at <br />$137,000, the average of two independent <br />appraisals. Despite continued negotiations, <br />the current owners have held to their price of <br />$325,000, which they base on their own <br />research of comparables. Despite the <br />disparity, staff feels this is an opportunity to <br />expand the scope of the housing development <br />to allow the building to open toward and <br />connect more fully to Bendix Drive and <br />create opportunities for retail development at <br />the northeast edge of LaSalle Square and to <br />remove a building whose on -site business <br />remains at odds with its LaSalle Square <br />neighbors. <br />In order to offset the above disparity and to <br />keep our projected administrative settlement <br />($88,000) more in line with that of other <br />settlements, Sterling Group LLC has agreed <br />to put $100,000 toward the acquisition of <br />Fernando's. <br />Given the overall value of an expanded <br />development within LaSalle Square, as well <br />as the additional private sector support <br />offered to help with acquisition, Staff <br />requests the Commission's approval of the <br />administrative settlement of $88,000 (and a <br />total request of $225,000) for the acquisition <br />of this property. <br />Mr. Sikora noted that staff has been <br />discussing approximately $460,000 in road <br />improvements around the LaSalle Square <br />development also. <br />25 <br />